Korean short rib market moving slowly

06 July 2015

Wholesalers in Korea are reportedly finding it difficult to move large stocks of relatively expensively-bought short ribs at present. This is due to consumer preferences for beef moving towards other cuts, and is particularly notable in the foodservice sector.

The US and Australia are the largest suppliers of imported short ribs in the Korean market, and short rib prices at wholesale from both countries have dropped by around one third since the beginning of the year, in Korean won terms.

Korea is Australia’s largest export market for short ribs, by a clear margin ahead of China and Indonesia, so drops in the price in Korea will impact returns to exporters.